Business, 21.02.2020 21:11 woahthatstay

In 2021, CPS Company changed its method of valuing inventory from the FIFO method to the average cost method. At December 31, 2020, CPS’s inventories were $50 million (FIFO). CPS’s records indicated that the inventories would have totaled $38.2 million at December 31, 2020, if determined on an average cost basis.
Prepare the journal entry to record the adjustment (Ignore income taxes.) (Enter your answers in millions rounded to 1 decimal place (i. e., 5,500,000 should be entered as 5.5).

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